Add to ORKGWe investigate the effect of top managers' myopia on firms' market valuation. We devise a measure of expected CEO tenure as a proxy for the length of CEO decision horizon. After accounting for the endogenous nature of CEO horizon, our empirical tests show that shorter CEO horizon is associated with more agency costs, lower firm valuation and higher levels of information risk. The results are consistent with the notion that a short CEO decision horizon is indicative of preference for investments that offer relatively faster paybacks at the expense of long-term value creation.CEO decision horizon Firm performance Information risk Agency costs
In this thesis, I examine a few corporate finance topics, including mergers and acquisitions, CEO co...
We examine whether a firm's strategic priorities influence its selection of a new CEO and what condi...
Consistent with predictions from a stylized Bayesian learning model stock return volatility declines...
In this study, the relationship between CEO tenure with firm value, agency costs and information ris...
Initial public offerings make a noteworthy contribution to both the growth of equity markets and the...
We examine the relation between firm value and managerial incentives in a sample of 1,307 publicly-h...
This paper shows empirically the impact of organizational and behavioral determinants on the CEO's i...
Agency costs are said to arise as a result of the separation of ownership from control inherent in t...
This paper analyzes the impact of managerial horizon on mergers and acquisitions activity. The main ...
The recent financial crisis has renewed the interest in executives ’ compensation-related horizon in...
In this thesis, we have studied the role of CEO equity incentives in a payout decision, with a focu...
International audienceAlthough the alignment effect of equity ownership is often studied with emphas...
We develop a conceptual model of the career horizon problem of CEOs approaching retirement and discu...
I examine the relationship between chief executive officer (CEO) incentives and the risk exposure ge...
Risk is something intrinsic to business, and something firms are exposed to on a daily basis. This m...
In this thesis, I examine a few corporate finance topics, including mergers and acquisitions, CEO co...
We examine whether a firm's strategic priorities influence its selection of a new CEO and what condi...
Consistent with predictions from a stylized Bayesian learning model stock return volatility declines...
In this study, the relationship between CEO tenure with firm value, agency costs and information ris...
Initial public offerings make a noteworthy contribution to both the growth of equity markets and the...
We examine the relation between firm value and managerial incentives in a sample of 1,307 publicly-h...
This paper shows empirically the impact of organizational and behavioral determinants on the CEO's i...
Agency costs are said to arise as a result of the separation of ownership from control inherent in t...
This paper analyzes the impact of managerial horizon on mergers and acquisitions activity. The main ...
The recent financial crisis has renewed the interest in executives ’ compensation-related horizon in...
In this thesis, we have studied the role of CEO equity incentives in a payout decision, with a focu...
International audienceAlthough the alignment effect of equity ownership is often studied with emphas...
We develop a conceptual model of the career horizon problem of CEOs approaching retirement and discu...
I examine the relationship between chief executive officer (CEO) incentives and the risk exposure ge...
Risk is something intrinsic to business, and something firms are exposed to on a daily basis. This m...
In this thesis, I examine a few corporate finance topics, including mergers and acquisitions, CEO co...
We examine whether a firm's strategic priorities influence its selection of a new CEO and what condi...
Consistent with predictions from a stylized Bayesian learning model stock return volatility declines...